Albania between two crises

“The main concern is that if this crisis will not be solved quickly, Albania risks to find herself between two countries that have been swept by sovereign debts, Greece in the South and Italy in the West”, Declared Jens Bastian, an economic expert.

Jens Bastian, a senior economic research fellow for the Hellenic Foundation for Foreign & European Policy, was invited in Tirana by the Institution of International Studies, and declared that Albania is facing new consequences.

“We are seeing the new warning signs, which should not be ignored. The first sign is that of remittances. The emigrants are turning back. Greek construction companies, where most Albanians work, say that the Albanian emigrants are leaving for Turkey and Romania. Greek Central Bank data confirm the decrease of the money sent to Albania”, Bastian declared.

Mr. Bastian, who held a wide lecture in front of a panel of local legal experts, declared that the most serious consequence regards the danger that has been perceived by foreign investors.

“The companies will start reviewing the idea to retreat, to close their businesses here and return in their countries. Then there is the banking system. Greek banks have shrunk their operations in Albania. And there is also the debt. You entered international markets through a 7.5 % Eurobond. This is a very high interest rate, but now there are even higher, due to your neighbors’ crises”, Bastian added.

Experts say that the crises will also slow down Albania’s EU integration.

Top Channel